Industry News

Zhuangji Ship Industry and Wenzhou Yuandong Shipyard, two subsidiaries of Zhuangji Group in Zhejiang, China, held the first creditor conference on 27 May after they filed for bankruptcy reorganisation.
As of 15 May, 49 creditors has demanded a total of CNY1.2 billion (USD194 million) claims from

South Korea’s Ministry of Oceans and Fisheries (MOF) said on 28 May that salvage companies interested in tendering for the hoisting of Sewol will be advised on preparing their bids.
The MOF will hold a session at 15:00 h local time on 29 May to guide interested companies in writing technical

Malaysia-listed offshore services provider Icon Offshore posted a profit of MYR2.7 million (USD700,000), down 86% year on year (y/y) for the first quarter ended 31 March 2015 because of lower vessel utilisation.
Revenue dropped by MYR16.5 million or 20.5% to MYR63.6 million in the first quarter of

CIMB Securities is urging investors to be cautious when buying stocks of Thai bulker owner Precious Shipping, anticipating higher losses all the way to 2017.
Precious Shipping had a net loss of THB335.69 million (USD10 million) in its first-quarter 2015 results. This contrasts sharply with a net

Singapore-listed offshore oilfield service provider IEV Holdings said on 27 May that its subsidiaries, IEV International and IEV Malaysia, have collectively secured five new contracts to provide subsea solutions.
The contracts, worth USD2.2 million, involve structural pile grouting and free-span

Singapore-listed shipbuilder, COSCO Corporation Singapore (COSCO) has delayed the delivery dates of two platform supply vessels (PSVs) after reaching mutual agreement with its buyers.
COSCO did not give any reasons for the delay, according to its filing in Singapore Exchange (SGX), but speculation

As the third anniversary of the entry into force of the Maritime Labour Convention 2006 (MLC) approaches, Seafarers’ Rights International (SRI) is embarking on a comprehensive study on the effectiveness of the Convention. The study has been commissioned by the International Transport Workers’ Federation. It will be an in-depth and... Read more →